Great Eastern Shipping has seen one of its vessels released from a mortgage backing a 10-year bond issue.

India’s biggest privately owned shipowner said the 51,000-dwt MR Jag Pranav (built 2005) has been freed of its obligation by bond trustee Vistra ITCL.

The ship was one of three that had mortgages created and assigned to Vistra as security for INR 3bn ($36.1m)